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The US Dollar in Focus Today

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The ADP Non-farm Employment change came in at 178K (previous 163K and expected 190K) which did nothing to dampen the overall slide of the Dollar today, while lifting EURUSD to a daily high of 1.1640 and Cable to 1.3306.

Lower than expected GDP (QoQ) (Q1) was a slight miss on expectations and came in at 2.2% (2.3% expected). Wholesale inventories came in at 0.0% (0.4% expected) and Goods trade balance came in at $-68.1B ($-71.20B) expected.

Personal Consumption Expenditure came in at 2.6% (2.7% expected) and Core Personal Consumption Expenditure came in at 2.3% (2.5% expected)

Initial market reactions caused a softer EUR:USD and Cable coming off its highs and looking to test 1.3280. But after an otherwise muted response the major pairs seem relatively unfazed.

The word on Wall Street is that China is looking for a ‘line-up’ of other countries to stand up to the USA regarding planned trade tariffs. It should be an interesting afternoon in equities!

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